IGATE sells domestic IMS biz for $80,000

New Delhi, June 2 

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Days before IGATE’s acquisition by French IT giant Capgemini, the US-based firm sold off its domestic infrastructure management services (IMS) operations to India’s MindSquare Technologies for about $80,000 (about Rs 50 lakh).

MindSquare Technologies is a group company of Mumbai-based 1neoteric Technology Solutions. An IGATE spokesperson confirmed the deal and said it was a less than Rs 50 lakh transaction. However, sources had said the deal is estimated to be worth about $5 million financed through internal accruals.

Under the pact, MindSquare has acquired the entire Indian customer base of IGATE, along with its over 400 employees that provide remote and onsite IMS services to Indian customers of the firm. “The deal will offer end-to-end customer solutions and help us bring on board marque customers,” Neoteric Technology Solutions Head Anup Nair said. — PTI